Quentin Willson is one of Britain’s best-known motoring authorities and is lead campaigner for FairFuelUK. He spent over a decade presenting BBC's Top Gear and was largely responsible for bringing the once scandalously high prices of new cars in the UK down to the same level as the rest of Europe.

3 MPG: The Heavy Transport Association is celebrating 30 years in Business. They have produced a brilliant publication of what their industry is all about. They have included on Page 128 a history of FairFuelUK. Take a look here

Monthly Archives: DECEMBER 2011

I dearly hope the Iranians haven't been reading my blogs. Because a while back on this very site I warned that if Iran decided to block the Straight of Hormuz in the Persian Gulf, they'd throw the world's oil markets into turmoil. We'll, guess what? That's exactly what Iran has threatened to do, and this week the US has dispatched their navy to make sure this vital energy channel stays clear. 15.5 million barrels of oil go through Hormuz every day and that's nearly a third of all the oil consumed on the planet.

A grim prediction that I hope wouldn't come true. But it has. And because of all this international sabre rattling, the oil speculators are bound to start buying up crude futures in the hope of some opportunistic profit from potential future shortages. All this shows just how vulnerable the oil market is to the ebbs and flows of geopolitical upsets and we poor baffled consumers sit at the end of this massive multi-billion dollar food chain getting royally shafted.

And here's another sobering snippet of news. In 2011 there was a global banking group that actually had more oil sailing around oceans in tankers than BP.

That shows just what an important trading commodity oil has become and how many of the world's financial institutions will come to rely upon crude as part of their balance sheets. So don't talk to me about any more government fuel duty rises. 2012 is going to see oil climb in price again and the last thing we need is more self-inflicted pain.

Our pump prices need to stay low and FairFuelUK will make sure they do.

In the Sun Business page the 2011 Business Crackers were announced that included Robert Halfon's MP campaign to lower fuel prices. This campaign was driven by FairFuelUK and we are pleased to be in partnership with Robert for the New Year

"THANKS to the FairFuelUK campaign, pump prices are now at their lowest level for nine months. Unleaded is averaging around 132.5p and diesel 141p, which is where they were last March. By pressuring Osborne, W'll have saved you a total of 9p a litre in proposed duty rises. And we are going to carry on, because nonsense in Iran and instability in Russia could set the speculators off again. Make the most of cheaper fuel this Crimble and carry on signing my petition at www.fairfueluk.com."

Don't expect to see pump prices coming down any time soon and don't blame the oil companies. Speculators are back buying oil, crude is up and its all to do with Iran. Opportunistic traders know that if there's any conflict round the Persian Gulf then one of the world's most significant oil shipping lanes could get blocked. The Straight of Hormuz is a choke point and carries 15.5 million barrels of oil a day on 13 massive tankers adding up to nearly 40% of the world's oil. If the Iranians want to destabilise the global economy all they have to do is turn this relatively narrow maritime channel into a shooting match and the world's supply of black stuff slows down dramatically. With sinister foresight the traders in red braces are betting on some future fisticuffs with Iran. Sad but true.

And there's nothing the oil majors can do. If the spot price of oil goes up they can't fight against market forces. And don't forget the oil companies pay in dollars which, at the moment, is a stronger currency than sterling, which means UK forecourt prices are inevitably going to rise. Just as well the that all our recent shouting forced the Chancellor to scrap the 3p rise in January. Without that blessed relief, 2012 would indeed have kicked off with one of the cruellest months of all.